The report has already been discussed with the UK’s Department for International Trade (DIT) and China’s Ministry of Commerce (MOFCOM). Next week the Chamber will travel to London to discuss the paper with the government and businesses in the UK. Although, the report highlights areas where there are frictions, generally it is a positive overview not only about recent changes, but also about the continued potential for growth in trade between the UK and China.
The Position Paper produces an in-depth analysis of 10 key sectors for the UK: accountancy, automotive, built environment services, education, food and beverage, financial services, healthcare, legal services, marketing and communications, and retail. While the concerns of businesses vary, the Paper identifies six overarching recommendations raised across the sectors that, if alleviated, would significantly improve British businesses’ ability to operate in China:
1. Although the chambers welcome the principle behind the Foreign Investment Law, more concrete details relating to implementation and enforcement mechanisms are needed.
2. Continue to reduce the number of sectors on the ‘Negative List’.
3. Ensure that the final iteration of the Cybersecurity Law gives firms reasonable scope to share crucial information overseas, as long as it does not impact national security.
4. Sustain efforts to improve the IP landscape in China and strengthen enforcement to alleviate concerns foreign investors have towards the security of their IP.
5. Grant foreign businesses access to a wider range of licences and continue to make the application process for licences more streamlined and transparent.
6. Ensure transparency and consistency of regulatory enforcement across China.
To find out more, please download the British chambers’ inaugural Position Paper in the link below.